Bitcoin Whale Accumulation Increases as Large Holder Outflows Decline
Bitcoin Whale Accumulation Trend
Intensified Accumulation Confirmed by CryptoQuant CEO
Recent on-chain data indicates a notable decrease in Bitcoin’s large holder outflows, coinciding with the cryptocurrency maintaining a position above $68,000. According to insights provided by IntoTheBlock, the net flow of BTC among whales shifted from an outflow of 1,650 BTC on October 17 to a net inflow of 211 BTC on October 19, suggesting a heightened accumulation by significant holders.
Positive Investor Interest in Bitcoin ETFs
Increased Inflows in U.S.-Based Spot BTC Exchange-Traded Funds
A contributing factor to Bitcoin’s positive momentum is the growing investor interest in U.S.-based spot BTC exchange-traded funds. Recent reports reveal that these investment products witnessed an influx of $2.1 billion last week, pushing total net inflows past $21 billion.
Bitcoin Market Performance
Stable Price Range and Exchange Outflows
Bitcoin has been trading within a consolidation range of $68,000 to $68,600 in the last 24 hours, with a market cap of $1.35 trillion and a daily trading volume of $13.8 billion, a 55% drop. Despite this, data from IntoTheBlock indicates that Bitcoin exchange net flows remained negative for the third consecutive day, with a net outflow of over 2,300 BTC valued at $157 million on October 19.
While decreasing exchange outflows typically suggest reduced selling pressure, short-term profit-taking could occur given Bitcoin’s proximity to its all-time high of $73,750. The declining trading volume might lead to decreased price volatility for the primary asset.
The information in the article is for informational purposes only. It does not constitute any investment advice. The author and CryptoBlockNews.com are not responsible for your profits or losses arising from your investments. Investment is ultimately based on many foundations such as knowledge, accumulation, experience, research and personal decisions.
